Revenue from fundraising and subscriptions increased, but single-ticket revenue fell slightly and expenses grew by nearly C$2 million.
According to the Toronto Globe and Mail, the TSO's debt now exceeds the level it reached in 2001, when the orchestra faced a cash crisis that nearly forced it to declare bankruptcy.
Also at the annual meeting, the TSO board elected Philip Taylor, president and CEO of AIM Funds Management, to succeed Hershell E. Ezrin as chair.
Lileana Blain-Cruz directs the new production, opening April 23.
The Cuban-born composer is this season's Debs Composer's Chair.
The cast is led by Bryonha Marie and Nathan Gunn, with Tony winner Ted Sperling at the baton.
The season, opening September 21, will include 58 ballets across 21 weeks of performances.
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